Payment service provider Allied Wallet has acquired Hong Kong based processor CloudAsia.
Allied Wallet officially announced earlier today they have acquired one of China’s largest payment processors CloudAsia. Allied Wallet had already been in talks with CloudAsia since mid-2013 in regards to the acquisition. The acquisition will assist Allied Wallet’s growth in Asia and will grant them access to cardholders and banks located not only in China, but also in Indonesia, South Korea, and Malaysia.
“We’re happy to acquire a company that has had the level of success of CloudAsia, and we are excited to bring our solution to millions of new merchants across Asia. There are over 538 million internet users in China alone and we will be giving them a safer, better way to pay online,” said CEO Andy Khawaja in a press release.
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Allied Wallet has shown exponential growth as of late and recently received licensing and Principle Membership from both Visa Europe and MasterCard. However, the Asian online payment industry is heavily competitive with Ecommerce firms such as Alibaba and Tencent taking up the majority of the market, so it will be interesting to see how Allied Wallet fares against the local competition.
It is not known yet if CloudAsia will be rebranded as Chinese subsidiary of Allied Wallet or if it will continue to operate as usual. Neither pricing nor terms were disclosed by either party.